Project RAEGE (Red Atlantica de Estaciones Geodinamicas y Espaciales) intends to set up a Spanish-Portuguese network of four Geodetic Fundamental Stations in Yebes (1), Canary Islands (1), and A cores Islands (2), as part of the developments needed for the IVS VLBI2010 scenario. It is envisaged that each Geodetic Fundamental Station will be equipped with one radio telescope of VLBI2010 specifications (at least 12-m diameter, fast slewing speed, but also able to operate up to 40 GHz), one gravimeter, one permanent GNSS station, and, at least at the Yebes site, one SLR facility. The National Geographical Institute of Spain (IGN) has experience in VLBI, having been a member of the European VLBI Network since 1993 and being one of the founding institutions of the Joint Institute for VLBI in Europe (JIVE), and it has been participating in geodetic VLBI campaigns with the 14-m radio telescope in Yebes since 1995. A new 40-m radio telescope has been built and was recently put into operation. It regularly participates in IVS sessions. There is infrastructure available for the new stations at Yebes and the Canary Islands. An agreement between IGN, the Portuguese Geographical Institute (IGP), and the Regional Government of the A cores ensures that the RAEGE project can become a reality by 2013.